The Latin America Biostimulants market estimated to be valued US$ 300.1 Mn in 2018 and witnessed to grow at significant CAGR over 2018 to 2023. Market for Latin America Biostimulants projected to reach US$ 562.3 Mn by 2023. Surge in awareness among the farmers regarding the advantages of Biostimulants, strategic mergers & acquisitions among the market players, launch of new products in Latin America is few driving factors of Latin America Biostimulants market.

Robust Investments in R&D in order to Develop New Biostimulants

Increased R&D investments to develop innovative biostimulants is witnessed to increase the Latin America Biostimulants market. The R&D expenditure has been doubled from the last decade and is expected to increase in the future years due to agrochemical companies are focused on biostimulants to gain the greater market share. Moreover, Launch of newer products with affordable prices witnessed to create demand for Biostimulants over the forecast time frame.

Seaweed Extract Is Expected to gain Traction over the Forecast Period

Seaweed extract segment accounted for 36.0% revenue share in 2017, projected to grow around 13.0% CAGR over the forecast period, and expected to account for 36.4% revenue share by 2024. Increased adoption of seaweed extract is anticipated to increased offer healthy growth opportunities over the forecast period

Brazil accounted for larger revenue share in Latin America Biostimulants market and expected to expand at 13.4% CAGR over the forecast period due to adoption of Biostimulants in the country. Chile biostimulants market accounted for 3.9% of revenue share in 2017, increased inclination towards ecofriendly products are expected to drive market. Ecuador Biostimulants Market projected to expand at 11.2% CAGR over the forecast period owing to increase awareness about the advantages of biostimulants are anticipated to offer lucrative growth opportunities over forecast years.

Latin America Biostimulants market is consolidated with many players. The companies are focused on strategic mergers & acquisitions to gain the major market share in Latin America Biostimulants market. For instance, in 2017, In November 2016, Arysta life sciences has signed alliance agreement with Beem Biologics, in which Arysta life sciences will license a novel, plant extract derived technology from Beem Biologics to position as a global leader in the biostimulant market.

Key Findings of the Report:

Latin America Biostimulants market is projected to expand at significant CAGR over 2018 to 2023 to reach market value of US$ 562.3 Mn by 2023 owing to increase adoption of Biostimulants across the Latin American Countries.

Based on product type Seaweed extract segment accounted for larger market revenue share in 2018 and projected dominate the market revenue share over the forecast period

Foliar spray segment is projected as to dominate the market share in 2018, and expected to expand at significant CAGR over the forecast period.

The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market

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